Consolidated Financial statements Questions Answers: Example 34 and 35

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Question 34: Balance Sheet at 31 December 20X4 P S
000 000
Non-current assets 60 50
Investment in S at cost 50
Current assets 40 40
150 90
Ordinary share capital ((1 shares) 100 40
Retained earnings 30 10
Current liabilities 20 40
150 90

P acquired all the shares in S on 31 December 20X4 for a cost of 60,000. Prepare the consolidated Balance Sheet at 31 December 20X4.
Question 35: The following Balance Sheet have been prepared at 31 December 2008.

Non-current assets:
Property, plant & equipment 85,000 18,000
Investments: Shares in J Ltd 60,000
Current assets 160,000 84,000
305,000 102,000
Equity:
Ordinary 1 shares 65,000 20,000
Share premium 35,000 10,000
Retained earnings 70,000 25,000
Current liabilities 135,000 47,000
305,000 102,000


D acquired 16,000 ordinary Rs 1 shares in J Ltd on 1 January 20X8, when J Ltd' retained earnings stood at 20,000 and share premium was 10,000.0n this date, the fair value of the 20% non controlling shareholding in J Ltd was Rs 12,500. The D Group uses the fair value method to value the non controlling interest.
Prepare the Consolidated Balance Sheet of D as at 31 December 20X8.
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